The basic purpose of immunization is to A. eliminate default risk. B. produce a zero net…

The basic purpose of immunization is to A. eliminate default risk. B. produce a zero net interest-rate risk. C. offset price and reinvestment risk. D.inate default risk and produce a zero net interest-rate risk. E. produce a zero net interest-rate risk and offset price and reinvestment risk 2. Immunization through duration matching of assets and liabilities may be ineffective or inappropriate because A. conventional duration strategies assume a flat yield curve. B. duration matching can only immunize portfolios from parallel shifts in the yield curve. C. immunization only protects the nominal

The basic purpose of immunization is to A. eliminate default risk. B. produce a zero net interest-rate risk. C. offset price and reinvestment risk. D.inate default risk and produce a zero net interest-rate risk. E. produce a zero net interest-rate risk and offset price and reinvestment risk 2. Immunization through duration matching of assets and liabilities may be ineffective or inappropriate because A. conventional duration strategies assume a flat yield curve. B. duration matching can only immunize portfolios from parallel shifts in the yield curve. C. immunization only protects the nominal value of terminal liabilities and does not allow for inflation adjustment D. conventional duration strategies assume a flat yield curve; and immunization only pro- tects the nominal value of terminal liabilities and does E. All of these are correct. not allow for inflation adjustment. A substitution swap is an exchange of bonds undertaken to A. change the credit risk of a portfolio. B. extend the duration of a portfolio. C. reduce the duration of a portfolio D. profit from apparent mispricing between two bonds E. adjust for differences in the yield spread.

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